| Period | Interest Rates |
| 91 – Day | 14.9189% |
| 182 – Day | 15.4674% |
| 364 – Day | 18.0056% |
This week, short-term Government of Ghana (GoG) Treasury bill rates posted a mixed performance ahead of a Bank of Ghana Monetary Policy Committee meeting later in the week to review recent economic events that have impacted the Ghanaian economy. The yield on the 91-day and 182-day bills, however, built on previous weeks’ gains after the consumer price index climbed to a 6 month high. Data released by the Ghana Statistical Services indicated that the inflation rate went up by 20 basis points (bps) from 9.3% in March to begin the second quarter at 9.5%.
The yield on the 91-day Treasury bill rose for the fourth consecutive time this week and was on course to touch 15.0000% for the first time since April, 2017. It hardened by 5 bps to rise from 14.8706% last week to 14.9189% this week.
The yield on the 182-day bill gained an impressive 11 bps to post its third consecutive gain. It rose from 15.3536% posted last week to 15.4674% this week, its highest since mid-May, 2017.
On the contrary, the yield on the 364-day bill failed to build on previous week’s 2 bps gain. It erased previous week’s gain as it declined from 18.0255% recorded last week to 18.0056% this week.
Week-on-week changes for 20th May, 2019
| 13-May-19 | 20-May-19 | CHANGE | PERCENTAGE CHANGE | |
| 91 – Day | 14.8706% | 14.9189% | 0.0483 | 0.3248% |
| 182 – Day | 15.3536% | 15.4674% | 0.1138 | 0.7412% |
Auction results from Bank of Ghana (BoG) tender 1642 further showed that demand for the government’s short-term Treasury instruments remained weak as bids tendered failed to meet the government’s target amount despite the continuous uptick in short-term Treasury bills.
Total bids tendered for the 91-day, 182-day, and 364 bills came in at GHC 660.81 million against the government’s target amount of GHC 889.00 million. The government accepted only GHC 607.97 million of the total bids tendered.
Next week, the government is expected to reduce its target amount to raise a total of GHC 708.00 million from 91-day and 182-day bills.
91-Day and 182-Day Bills Trend over the past 2 years
